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The Economic Times
The Economic Times
World

RBI to close FCNR(B) forex swap facility early after strong dollar inflow

RBI Reserve Bank of India

The Reserve Bank of India (RBI) has decided to prematurely close its special forex swap facility for FCNR(B) deposits after the scheme attracted $52.3 billion in foreign exchange inflows, citing an encouraging response to the facility.

The central bank said on Friday that the facility will now be available only for FCNR(B) deposits mobilised until August 31, while swaps against these deposits can be availed with the RBI until September 11.

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